Anjani Foods Limited (formerly Raasi Enterprises Limited) has witnessed a sharp increase in its share price over the past eight quarters. The sales in the March 2017 quarter grew 11% year-on-year (y-o-y), from Rs5.41 crore in the March 2016 quarter to Rs6.01 crore in the March 2017 quarter. While sales have been positive in the past eight quarters, the company has consistently made losses. The net loss in the March 2017 quarter was Rs0.18 crore, compared to the net profit of Rs0.12 crore in the March 2016 quarter. WatchoutInvestor.com
reported that that the company did not submit the corporate governance report to the Bombay Stock Exchange (BSE) for the quarter ended 30 June 2016. However, despite such negatives, the price of the stock rose 331%, from Rs4.36 in July 2015 to Rs18.8 in May 2017. Such brazen manipulation escapes the notice of the regulator.